Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 3 March, Cosmecca Korea (241710 KS) announced another partial tender offer for its US subsidiary Englewood Lab (950140 KS).</li>
<li>Common shares allocated for tender offer is 3.31 million (16.7% of outstanding shares). Tender offer price is 13,000 won (7.4% higher than closing price on 2 March). </li>
<li>We are positive on Cosmecca Korea's partial tender offer of Englewood Lab.</li>
</ul>


On 3 March, Cosmecca Korea (241710 KS) announced another partial tender offer for its US subsidiary Englewood Lab (950140 KS).
Common shares allocated for tender offer is 3.31 million (16.7% of outstanding shares). Tender offer price is 13,000 won (7.4% higher than closing price on 2 March). 
We are positive on Cosmecca Korea's partial tender offer of Englewood Lab.


Another Partial Tender Offer for Englewood Lab by Cosmecca Korea

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>If you like <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.</li>
<li>Current NAV levels for <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>).</li>
<li>China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a>is trading full ahead of VOYAH's spin-off.</li>
</ul>


If you like Toyota Industries (6201 JP)'s Appraisal Rights case, buy. If a LO investor who held until now and bullish the market, sell now and replace your beta.
Current NAV levels for Prosus NV (PRX NA) are somewhat depressed. To a lesser extent, so is the implied stub (netting off the stake in Tencent (700 HK)).
China has established itself as the global EVs benchmark. But  expect increased competition, overcapacity, and in turn, profit squeeze. Dongfeng Motor (489 HK)is trading full ahead of VOYAH's spin-off.


Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

<ul>
<li>On 6 February, Cosmecca Korea (241710 KS) launched a partial tender offer on Englewood Lab (950140 KS).</li>
<li>Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab's outstanding shares at the tender offer price of 10,000 won. </li>
<li>It appears that this partial tender offer is an attempt by Cosmecca Korea to increase its stake in Englewood Lab even further, capitalizing on the lower share price.</li>
</ul>


On 6 February, Cosmecca Korea (241710 KS) launched a partial tender offer on Englewood Lab (950140 KS).
Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab's outstanding shares at the tender offer price of 10,000 won. 
It appears that this partial tender offer is an attempt by Cosmecca Korea to increase its stake in Englewood Lab even further, capitalizing on the lower share price.


A Partial Tender Offer of Englewood Lab by Cosmecca Korea

South Korea

Englewood Lab LLC provides contract manufacturing services for skin care products. The Company offers stability testing, package compatibility, repeated insult patch testing, comedogenecity testing, clinical surveys, and toxicological review certification services.

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Englewood Lab (950140 KS)

Another Partial Tender Offer for Englewood Lab by Cosmecca Korea

On 3 March, Cosmecca Korea announced another partial tender offer for its US subsidiary Englewood Lab (950140 KS). We are positive on Cosmecca...

Douglas Kim

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

Last Week In Event SPACE: Toyota Inds., Prosus/Tencent, Dongfeng Motor, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

A Partial Tender Offer of Englewood Lab by Cosmecca Korea

Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab's outstanding shares at the tender offer price of 10,000 won.

Douglas Kim

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